Malta Enterprise is currently receiving applications from undertakings (including self-employed individuals) qualifying for the Micro Invest Tax Credit, by virtue of which (subject to certain conditions) any micro enterprises and self-employed persons may benefit from a tax credit equivalent to 45% of eligible expenditure. An additional bonus of 20% (total 65% tax credit) applies to undertakings operating from Gozo.

Eligible expenditure under these rules includes:

(i)     Furbishing, refurbishing and upgrading of business premises;

(ii)    Investment in  acquiring machinery, technology, apparatus or instruments which enhance the  operations;

(iii)   Capital investment in Information Technology

(iv)    Purchase costs of one commercial vehicle incurred over a period of three years;

(v)    Wages costs covering the first twelve (12) month period pertaining to new full-time jobs created as from 1st January 2013 as long as this constitutes a net increase in the total number of full-time employees of the applicant when compared to the employment figure of the previous years.

The maximum tax credit available is capped to €30,000 for undertakings in Malta and €50,000 for undertakings operating in Gozo. Such capping applies for a period of three consecutive yearscommencing from any credit awarded for expenses incurred in 2013 (under the previous Micro Invest Scheme).

Kindly note that application forms claiming the tax credit on qualifying expenditure incurred during 2015 have to be received by Malta Enterprise by not later than 31 March 2016. Late applications may be accepted by not later than the extended deadline (30 November 2016)–however in such case the tax credit may be availed of only from the year of assessment 2017 onward.

For further details relating to the Micro Invest Tax credit, including the conditions to be satisfied kindly click here.